Russia Grants a License to Trade Digital Currencies

8:09 am, Fri, 25 March 22

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The Russia-Ukraine conflict is the biggest geopolitical event going on in the world right now. It has certainly affected several sectors all around the globe, including the financial and economic sectors.

The start of the conflict also greatly impacted the crypto market and caused the prices of digital currencies to drop significantly. However, the cryptocurrencies recovered and soon made their way to being used for Ukrainian aid as well.

Before the war began, Ukraine legalized crypto assets in the country. Russia on the other hand believed that digital currencies had value but President Putin was not convinced regarding their potential to replace the U.S. dollar, especially for trading oil.

Now, the Russian stance seems to have changed as a license to trade crypto has been approved. Let’s find out more details about the development.

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Change in Russia’s Stance Towards Crypto

As mentioned above, numerous sectors were affected as the war between Russia and Ukraine started. The price of oil is one of the things that has been impacted by the conflict, as:

  • The price of crude oil per barrel surged more than 18% over the last month.
  • The price of natural gas increased 22.5% (at the time of writing).

Ukraine had already legalized crypto assets before the war began, which has worked in favor of the country as it has received plenty of aid in cryptocurrencies up till now.

Russia, on the other hand, was previously not convinced by the significance and prominence of the crypto assets. However, now the stance has changed and has led industry watchers to anticipate that Russia might leverage digital assets to bypass economic and financial sanctions.

As per reports, the Central Bank in Russia wanted a ban on digital assets before the Russo-Ukrainian conflict began. However, it has now granted Sberbank, the largest bank in the country, a license to trade crypto assets.

In a press conference yesterday, Pavel Zavalny, Russia State Duma deputy and Energy Committee chairman, proposed Bitcoin and national currencies as payment options for energy exports to countries such as China and Turkey, which are “friendly countries”.

Russia is a major energy supplier to Europe and how this new stance towards crypto turns out to be will only be seen with time. Therefore, if you are looking to purchase BTC then make sure you choose one of the lowest fees Bitcoin exchanges.

What Should Potential Crypto Investors Know?

Undoubtedly, crypto assets have a huge significance in the world at the moment. They are being adopted all over the world and have an undeniable utility.

However, buying cryptocurrencies requires novice parties to be mindful of a few factors so they can avoid unnecessary challenges.

Therefore, if you are interested in buying crypto, make sure you:

  • Take a look at the price movement of the digital asset you want to buy before you invest.
  • Choose the best place to buy Bitcoin if you are looking to invest in BTC.

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